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How do I qualify for a mortgage?

The DTI (Debt to Income) ratio is a personal finance measure that compares an individual’s monthly debt payment to their monthly gross income (that’s monthly  pre-tax earnings).  Your gross income is your pay before taxes and other deductions are taken out.  The DTI ratio is the percentage of your gross monthly income that goes to paying your monthly debt payments.  THE DTI ratio is one of the metrics that mortgage lenders use to measure an individual’s ability to manage monthly payments and repay debts.

When it comes to determining your mortgage rate, your credit score is a critical factor.  Your current financial picture, including down payment, assets and income are important but a credit score gives the bank an idea about whether you will make payments responsibly.

Loan Products Offered:

Conventional Mortgages
FHA
VA
HELOC (Home Equity Line of Credit)
USDA
Jumbo
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Offering

Conventional Home Loans

Conventional loans are the most common and widely available mortgage option. For borrowers with good credit, balanced income, debt and some down payment, they are often the least complicated way to get the most flexible mortgage options.

  • Fixed Rate for the life of the loan
  • 10, 15, 20 and 30 year terms
  • Adjustable Rate Mortgage
  • Primary, Second Homes, and Investment Properties
  • Low Down Payment Options Available for Qualified Borrowers
  • Available for Purchase and Refinance Transactions

Offering

FHA Home Loans

FHA Loans are insured by the Federal Housing Administration (FHA), a branch of the U.S. Department of Housing and Urban Development, or HUD. FHA is often the best option for people who need a little extra flexibility when qualifying for a new home mortgage. You do NOT need to be a first time buyer – anyone who is buying a new home to use as their Primary Residence is eligible.

  • For Primary Residence
  • A minimum of 3.5% down payment required – May be a gift!
  • Seller can contribute up to 6% of borrower’s closing costs
  • Flexible Mortgage Guidelines
  • Available for Purchase and Refinance Transactions

Offering

VA Home Loans

The Department of Veterans Affairs (VA) offers financing on primary residences for Veterans. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.

  • Must be a Veteran, Active Duty Military, or member of the Reserves.
  • Up to 100% Financing – No Down Payment
  • No Monthly Mortgage Insurance
  • Closing Costs May Be a Gift
  • Available for Purchase and Refinance Transactions